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We have 20% fee carry so that puts our value at $1.5m before it even moves forward. Greenvale would not spank 7.5m if it wasn't worth many multiples.... Yet we are at the same price.
Mosman is currently the worse share still trading on AIM it has taken 10s of millions in fund raises and 10s of millions in wages for various board members for a 99.77% value erosion it and its partners will need 10s of millions more over many years with a high probability of failure to bring any commodity to market the 2024 program is already 4 months behind after only 4 months. Yesterdays news was worth a 100% rise but this company is just so so bad and a massively discounted placing is imminent. Risk of getting wiped out here is huge no matter what the entry price added to that if by some miracle they do reach profitable production mosman will go private as they will not need the markets to subsidise any more
Another classic AIM story is coming here.
Definitely not a 10 bagger. Maybe a 10 bag loser.
We have 25% free carry for ep145 and Aus$7.5 million .. 2 million for seismics and 5.5 million for drill.
Ep155 we own 75% and free carry to 90% with georgina energy. We have aud$0.82 end of april plus revenue from feb march oil sales plus $160k from greenvale plus reimbursements.
Been a while since I checked in here. The long awaited news finally arrives andddddddddd….the SP is basically what it was before the news.
I was promised multi bags on the RNS lol
25% of nothing is...nothing.
If they've got a free carry, and producing assets, the £85k should really be spent on a share buyback. But that will never happen because this company is the running joke of AIM.
It's important to understand how the farm-out works, its not an unlimited free carry. It has a value of $7.5m. Thats $2m for siesmic and $5.5m for the drill, the final drill costs aren't finalised yet. Still its a very good deal for Mosman. However it would be good to know how much a well out there typically costs?
The Farmout agreement says that any "costs of the well over AUD5.5 million and any other costs will be shared Greenvale 75% and Mosman 25%."
https://www.lse.co.uk/rns/MSMN/ep-145-funding-by-farmin-agreement-qqlql0nyzasdgwc.html
This is why it's imperative Mosman sell there Oil & Gas assets and bank a few million. I keep saying it, cash is the elephant in the room for this company. It's why it's ended the day -5% when it should be up a few 100% today.
They should have sold Stanley and Cinnabar by now it would have gotten the market behind them, the farmout news would have been far better received with a decent cash buffer. They should really get a move on and get then sold otherwise it's all but inevitable they'll have to tap the market again, especially if they insist on doing any silly workovers.
The costs should be lower than #5.5 million because they are re entering one of two existing wells.
No-one is investing here and 0 volume.
A lesson learned for the company and clown of a CEO. No trust with institutional investors.
0 institutional investment post RNS - low volume. This share is dog s**t.
Be lucky to see 0.3p ever. Maybe after more fundraising and dilution.
Will they even receive the £85k from Greenvale? 3 days left tick tock
Get help aimless you need help
Oh dear - this share is 5% down off the back of the amazing blockbuster long awaited RNS announcing JV.
It's investors and Mosman that need help - not me!
Post removed the truth hurts more truth greenvale haven’t got $7.5m aud and can’t go to the markets to get it due to ASX dilution cap so its must be the bank of make belief thats financing it. SP dropping like a stone
Fitbrokerspal - don't post anything negative here or you will get petty personal attacks from wounded investors.
You have to say things like:
"0.3p here we go"
"wow great RNS"
"Multibagger"
Aimless Fizt one demented individual.
Botham, given your declared positions in both Mosman and Georgina Energy I’d expect you to add some clarity in your posts, but I think you’re confusing Greenvale terms on EP145 with the Georgina Energy’s plan for EPA155.
Geogina Energy’s primary target is an existing well on EP513 Hussan in the Officier Basin. Last I heard the Mt Winter-1 well on Mosman’s EP155 licence is their secondary target, 18 months later. I don't know if that has changed.
The EPA155 agreement:
“The Farminee will also undertake technical work in accordance with the permit work programme, and thereby earn a 70% working interest and become operator of the permit. Mosman will retain a 30% working interest in the permit. At the time of drilling of a well, the Farminee may elect to carry Mosman through the cost of the well and in that case would earn a further 15% working interest, in this scenario Mosman would retain a 15% working interest in the permit.”
“In addition to the forward work programme obligations set out above, Mosman will receive an immediate contribution of A$15,000 from the Farminee in consideration for past costs and a further A$15,000 following completion of the required seismic re-processing work.”
Returning to EP145. The latest news with Greenvale Energy on EP145 includes these comments:
“Mosman has identified a drilling target at 1500m and estimates the cost of drilling that well to be in the order of AUD5m. However, the final location and well design is subject to seismic results, joint venture discussions and NT government approval. Costs of the well over AUD5.5 million and any other costs will be shared Greenvale 75% and Mosman 25%.”
“The cost of drilling a well depends on many factors including the depth of a well and cost of drilling rigs at the time of drilling.”
Mosman has a pattern of issuing market impacting news during market hours. Other companies issue an RNS at 7am giving investors time to digest the news. No doubt Mosman’s intention is to generate some excitement in the stock. Given the very low liquidity in the stock and predominance of poorly informed investors attracted to any spike in the SP, excitement is easy to generate, and this board will reflect the excitement and disappointment of any moves.
Once the dust has settled, there’s a fresh supply of typically novice investors in Mosman’s stock who are then faced with coming to terms with their position. This is reflected in posting. Those of us who have followed Mosman for several years can help by being clear and accurate in our postings.
* I’ve been following the Mosman story since Feb 2016, when an associate asked me for advice on his large investment in Mosman running at a loss. At 0.8p I advised him to take the loss and sell. I lost touch with him but believe he held, in which case he’s another 97.5% down at 0.02p.
My interest is following an engrossing story, from a safe distance.
London no confusion both Georgina Energy and Mosman on EP145 have two previous wells each that they intend to re-enter please listen to both party interviews https://juststocks.com.au/mosman-oil-gas-tells-juststocks-of-increasing-us-production-and-helium-exploration-in-australia/
Phenomenal dumping occurring another 0.5b by close today at least
Botham, thanks for the link. I had seen it before, one of dozens I’ve seen over the years, with AC, JB and supportive analysts.
I’ve been following the detail for many years, as I said, I find it engrossing and can understand the attraction of a speculative investment. But I’ve also become familiar with the deflections that are introduced in these interviews, which can easily mislead a listener who isn’t already familiar with the story.
AC mentions the two drills on EP145 which were not tested for Helium because they were not drilled to sufficient depth – the implication is that if they had been drilled deeper, they would have encountered Helium. But listen closely – AC does not say these wells will be re-entered. Hence my post directed to you. Read the RNS – statements must be true and accurate.
Why would they re-enter? When these wells were drilled decades ago the prospect was oil. What are the chances that these well locations are the optimum Helium hotspot based on current and to be acquired seismic? Answer, zero.
Which is why I also find Georgina Energy’s plan to re-enter wells on Hussan and Mt Winter-1 as a cheap option, but likely, an unsuccessful outcome.
I don’t think I’ve posted here since late 2022, but I’ve previously posted on the misleading claims based on high concentrations of Helium. I’ve referenced academic papers that reported high initial concentrations on wells referenced by AC, but the flow rates dropped off to negligible with weeks, i.e. not commercial. Given the current high price of Helium, a few years back Central Petroleum conducted a study of commercial Helium extraction in the basin. I’ve read the report, but don’t remember the reason the project never went ahead. More recently an Asia Helium company agreed a JV with Central Petroleum and a free carry on a drill for Helium, but they never came up with the funding. Last I heard CP were claiming for their costs in the JV.
Lots of activity above ground, but little happening below ground.